Actuarial equivalent

(1) The actuarial equivalent of a pension or benefit determined under a defined benefit pension plan shall be calculated by an actuary using assumptions and methods consistent with– (a) the Standards of Practice of the Caribbean Actuarial Association, or a corresponding Canadian, British or American equivalent approved for this purpose by the Supervisor; (b) sound principles established by precedent or by common usage within the actuarial profession; and (c) the requirements of the Act and these Regulations. CAP. 30:01. (2) If, at the date of determination of the actuarial equivalent of the pension or benefit, the former member has an unconditional entitlement to optional forms of a pension or benefit or to optional commencement dates, the option that has the greatest value shall be used to determine the actuarial Private Pensions 47